Bahamas Police Launch Investigation into FTX Conduct, Looking For ‘Criminal Misconduct’

Police in the Bahamas has actually introduced an examination into the crypto exchange FTX, and is actively trying to find proof of whether “criminal misbehavior” has actually happened.

Per a tweet from the Royal Bahamas Police Force released on Sunday, a group of monetary private investigators from the Force’s Financial Crimes Investigation Branch is currently dealing with the country’s monetary regulator, the Securities Commission of The Bahamas.

The joint group’s goal is to “examine if any criminal misbehavior happened,” the tweet stated.

The declaration from the Bahamas Police Force was available in addition to a different news release from the Securities Commission of The Bahamas this weekend on the circumstance surrounding FTX.

In journalism release, the Securities Commission reacted to commonly shared public declarations from FTX that it was helping with withdrawals for Bahamian customers in order to abide by regional policies. According to the Securities Commission, nevertheless, guidelines to focus on withdrawals for Bahamian customers over other have actually never ever been offered.

“[…] such deals might be defined as voidable choices under the insolvency program and subsequently lead to clawing back funds from Bahamian clients,” the declaration stated.

It went on to include that the Commission “does not excuse the favoritism of any financier or customer of FTX Digital Markets Ltd. or otherwise.”

The most current upgrade from the monetary regulator followed the exact same company on November 11 stated that it had actually “done something about it to freeze properties” held by FTX and associated celebrations.

The firm stated at the time that it thinks the freeze is “the sensible strategy” and is planned to support the business and safe possessions.

FTX applied for personal bankruptcy under Chapter 11 in the United States state of Delaware on November11 On the exact same day, FTX co-founder Sam Bankman-Fried stepped down as CEO of the business and was changed by Chicago-based legal representative John J Ray III.